EquityPandit’s Outlook for NIFTY IT for the week (August 08, 2016 – August 12, 2016):

NIFTY IT:

Nifty IT index ended the week on positive note gaining around 2.10%.

As we have mentioned last week that Minor resistance for the index lies in the zone of 10900 to 11000. Resistance for the index lies in the zone of 11200 to 11300 where short term moving averages and 200 Daily SMA is lying. If the index manages to close above these levels then the index can move to the levels of 11400 to 11500 where the index has created a gap on gap down opening on 24/06/2016. During the week the index manages to hit a high of 11307 and close the week around the levels of 11137.

Support for the index lies in the zone of 11050 to 11100 where short term moving averages and 200 Daily SMA is lying. If the index manages to close below these levels then the index can drift to the levels of 10800 to 10900.

Minor resistance for the index lies in the zone of 11300. Resistance for the index lies in the zone of 11400 to 11500 where the index has opened gap down on 24/06/2016. If the index manages to close above these levels then the index can move to the levels of 11600.

Broad range for the index in the coming week is seen from 10800 on downside to 11500 on upside.